Malta has been backed with $26 million in funding led by Breakthrough Energy Ventures whose investors include Bill Gates, Jeff Bezos, Michael Bloomberg and Masa Son.

Concord New Energy Group of Hong Kong and Alfa Laval of Sweden are also contributing to the funding round.

Malta’s energy storage system uses vats of molten salt and cooler liquid to store electricity generated from variable sources such as solar and wind. The startup likely will need additional funds to build a full facility, according to CEO Ramya Swaminathan.